Banking platform for self-employed and micro-businesses Tot launches in Italy
Tot, an Italian start-up that provides digital banking tools for self-employed professionals and micro-businesses with up to ten employees, has launched.
Tot co-founders (left to right): Doris Messina, Andrea Susta, Bruno Reggiani
The initial offering is a bank account and a payment card, followed by the gradual addition of digital planning and monitoring tools to keep track of expenditures, accounts payable, earnings, and provisions for tax purposes.
Milan-based Tot says it focuses on micro-enterprises as they play a strong role in the Italian economy.
“We know the Italian market well, and we wanted to make a significant contribution to the digitalisation of an important part of the country’s economic fabric,” states CEO and co-founder Doris Messina.
The country has over 821,000 micro-enterprises, which, together with the over five million self-employed professionals, “represent an enormous pool of users that until now has been underserved by traditional financial institutions”, the company says.
Tot focuses on micro-enterprises
“A pool of users that, due to the lack of targeted product offerings, is still characterised by a very low penetration of card payments and a level of digitalisation that has the opportunity to be greatly improved.”
The start-up has launched with a waitlist of 1,500 users/Beta testers. Around 100 Beta testers have contributed towards creating and refining the platform.
Tot plans to onboard 50,000 domestic customers and issue 70,000 cards within the first three years, and then expand abroad.
Its banking operations are underpinned by Banca Sella.
Tot’s offering includes:
- Payment account that allows the client to perform transactions including the payment of F24, SEPA, and international transfers, soon to be followed by other payments (Riba, C-Bill, Swift transfers, PagoPA).
- Visa Business credit card linked to the available balance on the current account. Through Tot, clients can opt for a dynamic credit ceiling and debit of up to 60 days, making it a “dual mode” credit card. “This is the only product of its type in Europe that combines banking and credit, fundamental for the business world,” Tot states.
- Assistance via chat on the Tot website and via email.
- 100% digital and paperless.
